From resilience to reinvention

• CEOs remain optimistic about the economy, with nearly 60% of CEOs globally and 61% in Nigeria anticipating a rise in economic growth over the next 12 months, up from 38% in last year's global survey.

• Despite economic challenges like inflation and macroeconomic volatility, CEOs are optimistic about the growth of Nigeria’s economy, with 64% expressing confidence that the economy will improve. 

• In response to growing economic pressures, CEOs in Nigeria are reinventing their operations and business models to create value in new ways. They are focused on three key priorities: strategic reinvention, Generative AI (GenAI) and sustainability. They report exploring new sectors (61%) and targeting new customer segments (56%), demonstrating agility and positioning themselves for success.

• The adoption of Artificial Intelligence (AI) is emerging as a critical lever for long-term growth. There is a growing recognition of its transformative potential, with 81% of CEOs anticipating integration of AI into their technology within the next three years.  

• Although climate action isn’t seen as a major business threat, CEOs are taking proactive steps: 67% have made climate-friendly investments over the past five years. Notably, 61% of CEOs tie executive incentives to sustainability performance, recognising that long-term success depends on balancing financial growth with environmental and social responsibility.

About four in ten CEOs (42%) surveyed believe their businesses won’t be viable beyond a decade without significant changes, signalling an urgent need for reinvention. In response, CEOs are taking the right actions to reinvent their business. Over the past five years, 61% of Nigerian CEOs have entered new sectors, ahead of 50% in Sub-Saharan Africa and 38% globally, 42% implemented new pricing models (vs. 34% SSA, 24% global), 39% targeted new routes to market (vs. 36% SSA, 25% global), and 56% expanded to new customer bases (vs. 42% SSA, 32% global).

Nigerian businesses are increasingly embracing AI, with expectations of widespread integration in the coming years. A significant 72% of Nigerian CEOs expect AI to transform workforce and skills strategies, compared to 60% in Sub-Saharan Africa (SSA) and 68% globally. AI is also increasingly a key part of corporate strategy, with 61% of Nigerian CEOs expecting AI to be integrated into their core business strategy, slightly above the 58% in SSA and globally. Additionally, 67% predict AI will drive new product and service development, compared to 61% in SSA and 30% globally.

With macroeconomic instability and inflation ranking as top concerns, it is not surprising that Nigerian CEOs do not view climate change as an immediate business threat, only 3% report high or extreme exposure, compared to 14% in Africa and globally. However, 67% have initiated climate-friendly investments in the past five years, indicating a strategic rather than risk-driven approach.